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Can you summarize NHRS 382-A:9-608?
UNIFORM COMMERCIAL CODE > Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the application of proceeds of collection or enforcement, as well as the liability for deficiency and right to surplus. It applies to secured parties, holders of subordinate security interests or other liens, debtors, and obligors. The document outlines the order in which cash proceeds of collection or enforcement should be applied, including reasonable expenses, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by any subordinate security interest or other lien. It also specifies that a secured party may request proof of a subordinate security interest or lien and is not obligated to comply with the demand if proof is not provided. Noncash proceeds may be applied in a commercially reasonable manner. Additionally, the document states that a secured party shall account to and pay a debtor for any surplus, while the obligor is liable for any deficiency. However, in sales of certain rights to payment, such as accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
Whom does it apply to?
Secured parties, holders of subordinate security interests or other liens, debtors, and obligors
What does it govern?
Application of proceeds of collection or enforcement; Liability for deficiency and right to surplus
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire